"Mr Cottrell is not merely a private acquaintance of Mr Tice, he is an official adviser to Reform UK and Nigel Farage," wrote Smart.
Emphasizing the need for accountability across political organizations, Smart stressed that statutory standards must apply equally to all elected representatives.
"It is highly implausible that the loan would have been negotiated without their party political connection, given this is the central basis of their relationship," wrote Smart.
Calling for complete transparency regarding the party's backing, Smart highlighted the importance of upholding electoral integrity.
"Transparency on these financial arrangements, and an investigation into Mr Tice, are essential for public trust.
We cannot allow the rules that protect our democracy from corruption and sleaze to be disregarded by senior politicians – including those from Reform UK," wrote Smart.
Addressing the complaint after reviewing the submitted evidence, Greenberg issued his formal determination to close the matter.
"I am satisfied that it does not disclose sufficient evidence of a failure to register a registrable interest to justify an investigation into a potential breach of Rule 5 of the Code of Conduct, and accordingly I propose to take no further action," said Greenberg.
Responding to broader questions surrounding the party's donor vetting processes and financial disclosures, Reform UK leadership affirmed that all statutory requirements had been fulfilled.
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"Reform takes pride in its stringent vetting of donations and always ensures that the Electoral Commission guidelines on donations, as set out in the Political Parties, Elections and Referendums Act 2000, are strictly followed, as has been the case with all donations," said a Reform UK spokesman.
